Manila (Philippine Daily Inquirer/ANN) - An estimated 80 per cent of Net-savvy Filipino consumers would buy new products from familiar brands rather than switch to a new brand, according to a study recently released by market research firm Nielsen.
The trend reveals a higher level of brand loyalty among locals compared to the global trend which shows 60 per cent of consumers around the world with Internet access prefer to buy new products from familiar brands.
The trend reveals a higher level of brand loyalty among locals compared to the global trend which shows 60 per cent of consumers around the world with Internet access prefer to buy new products from familiar brands.
"Introducing innovations on established brands that are already trusted by consumers can be a powerful strategy," Nielsen Philippines managing director Stuart Jamieson says in a statement.
"Millions of dollars are being spent on new product innovation by manufacturers, yet two out of every three new products will not be on the market within three years," he adds.
The results of the Nielsen Global Survey of New Product Purchase Sentiment were obtained from over 29,000 Internet respondents in 58 countries. It shows that brand familiarity is one of several key characteristics that resonate strongly with consumers worldwide.
"To deliver successful new products, marketers and retailers should ensure that they uncover unmet consumer needs, communicate with clarity, deliver distinct product innovations, and execute an optimal marketing strategy," the local Nielsen chief says.
While 77 per cent of Filipino respondents welcome new product options, Nielsen's survey reveals that 74 per cent of consumers prefer to wait until a new innovation has proven itself before making a purchase.
Another 70 per cent of respondents say that they would consider store-brand options and 64 per cent of respondents say they were "enthusiastic" about such brands.
The survey also shows that 74 per cent of Filipino respondents like to tell others about new products that they purchased."Consumers are enthusiastic about adopting new product innovations but somewhat there's trepidation about embracing new brands," Jamieson says. "In order for consumers to adopt new brands, marketers need to launch very strong awareness and trial-building campaigns, supported by a positive product experience. It is vital that marketers generate positive word-of-mouth endorsements because negative experiences can significantly diminish the likelihood of new product success."
"To deliver successful new products, marketers and retailers should ensure that they uncover unmet consumer needs, communicate with clarity, deliver distinct product innovations, and execute an optimal marketing strategy," the local Nielsen chief says.
While 77 per cent of Filipino respondents welcome new product options, Nielsen's survey reveals that 74 per cent of consumers prefer to wait until a new innovation has proven itself before making a purchase.
Another 70 per cent of respondents say that they would consider store-brand options and 64 per cent of respondents say they were "enthusiastic" about such brands.
The survey also shows that 74 per cent of Filipino respondents like to tell others about new products that they purchased."Consumers are enthusiastic about adopting new product innovations but somewhat there's trepidation about embracing new brands," Jamieson says. "In order for consumers to adopt new brands, marketers need to launch very strong awareness and trial-building campaigns, supported by a positive product experience. It is vital that marketers generate positive word-of-mouth endorsements because negative experiences can significantly diminish the likelihood of new product success."
Economic factors also play a role in purchase decisions with 60 per cent of Filipino respondents reporting that challenging economic conditions make them less likely to try a new product.
However, when given a choice, 52 per cent express willingness to pay a premium price for a new product.Nielsen's survey shows 53 per cent of Filipino respondents say they are partial toward local options over global brands, compared to 26 per cent of Asia-Pacific respondents who say they do not favour local brands.
Nielsen's review of 21 methods to reach consumers across various media and advertising platforms shows that a mix of word-of-mouth communication, traditional advertising, and Internet activity are the most persuasive ways to drive awareness. However, potential reach and ease of execution varies substantially.
While 83 per cent of Filipino respondents say word-of-mouth advice from family and friends and 82 per cent advice from a professional or expert are the most persuasive source of new product information, receiving a free sample (75 per cent), traditional television advertising (72 per cent) and active Internet searching (69 per cent) remain influential.
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article from http://ph.news.yahoo.com/filipino-consumers-more-brand-loyal-global-peers-study-071003709.html
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